Yes one tenant will cover the mortgage/insurance/taxes in my situation.
If the house were in buffalo, not west seneca, it would cover all maintenance as well. West Seneca property taxes are equal to my monthly mortgage payment.
So I pay for maintenance on the property, as improving the property makes it worth more in the long run.
that’s not typical, but possible… good for you.
from another perspective, if you rented the whole thing out you’re getting 200% of your expenses from rent… without putting serious money down most landlords never do this well.
Make sure youspeakwith your tax advisor… as IIRC only X number of homeownership expense are deductible - like on your main home and 1 other, or something.
I just looked up “home owner tax deductions” and I learned a few new things…
another reason not to put all your money in a 401K =
“Roth IRA payouts for first-time homebuyers. Because the rules for the Roth IRA allow you to withdraw contributions at any time without penalty, the Roth can be a powerful tool for saving for a first home. Say you and your spouse each put $4,000 a year into a Roth for five years. The entire $40,000 could be withdrawn tax- and penalty-free for a down payment and, because the accounts have been opened for at least five years, up to $10,000 of earnings can be withdrawn tax- and penalty-free if used to buy your first home.”